Opay Digital Services Limited
Employer Description
OPay Digital Services Limited (commonly known as OPay) is a financial technology (fintech) company that provides a wide range of digital financial and mobile payment services. Founded in 2018 and backed by Chinese investors including Opera Software and SoftBank Vision Fund, OPay is headquartered in Lagos, Nigeria, and operates primarily in Africa, with Nigeria being its largest market.
Core Services
OPay offers a suite of services through its mobile platform, including:
- Mobile Money: Peer-to-peer transfers, bill payments, and airtime purchases.
- Merchant Payments: QR code-based and POS (Point of Sale) payment solutions for businesses.
- Wallet Services: Secure digital wallets that allow users to deposit, withdraw, and save money.
- Loans and Credit: Micro-lending services for individuals and small businesses.
- Savings and Investment: Options for users to save and grow their funds with competitive interest rates.
- Ride-Hailing (formerly): Previously included transportation services like ORide and OCar, though these were later phased out to focus on core fintech offerings.
Market Position
OPay has rapidly become one of Nigeria’s most prominent mobile money platforms, rivaling older incumbents and banks with its agent-based network and ease of use. The company has millions of registered users and thousands of active agents across urban and rural areas, facilitating financial inclusion.
Regulatory and Strategic Developments
- OPay is licensed by the Central Bank of Nigeria (CBN) as a mobile money operator.
- In 2021, OPay raised $400 million in a Series C funding round, reaching a valuation of over $2 billion.
- The company has expressed ambitions to expand its services to other African markets and potentially into the Middle East and Asia.
Mission and Vision
OPay’s mission is to “make financial services more inclusive through technology,” focusing on underserved populations and bridging the gap in access to traditional banking services.
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